Date:12/09/2008 URL: http://www.thehindu.com/2008/09/12/stories/2008091256221500.htm

Business

More voting rights for India in IMF

Special Correspondent

NEW DELHI: India is set to enhance its voice and participation in the International Monetary Fund (IMF) with the Union Cabinet according approval to the proposed amendment of its Articles of Agreement and increase in quota in the multilateral institution.

Following the necessary expenditure towards capital payments for this purpose, India’s quota in the IMF is slated to increase from 1.91 per cent to 2.44 per cent in terms of share in the global total. Alongside, the country’s voting rights are also set to go up from 1.88 per cent to 2.34 per cent.

Briefing newspersons here on Thursday, Information and Broadcasting Minister Priya Ranjan Dasmunsi said: “Quota has been increased for the first time in International Monetary Fund. Our voice will be stronger in IMF.”

In absolute terms of SDRs (special drawing rights), an IMF-created international monetary reserve currency which fluctuates in value relative to the basket of major currencies, India’s quota may stand increased from 4,158.2 million SDRs to 5,821.5 million SDRs whereas the total quotas at the end of March this year were 217.3 billion SDRs (about $357.3 billion).